Check out our new Timeline feature to give you the latest updates on all the stocks you follow. Clickhere to set up your Timeline.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksNEX.L Share News (NEX)

  • There is currently no data for NEX

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 2-National Express posts loss as passengers stay at home

Thu, 13th Aug 2020 07:50

* Company posts loss vs profit a yr ago

* H1 revenue down 23%

* Shares fall 12%
(Adds shares, analyst comments, background)

By Yadarisa Shabong

Aug 13 (Reuters) - Bus company National Express
reported a pre-tax loss of 61 million pounds ($79.69 million)
for the first half on Thursday and pledged further action to
strengthen the balance sheet as travel remains at "much
suppressed levels".

Shares in the British company, which operates urban and long
haul buses and more than 20,000 school buses in North America,
fell 12% in early trade.

So far this year, the stock has lost around two thirds of
its value, Refinitiv Eikon data shows, as all transport
providers have been hit by school closures and home-working
because of the pandemic.

"While there are some signs of demand returning, levels are
both significantly reduced and subject to variability given
local lockdowns, the impact of quarantines and uncertainty over
the extent of U.S. school re-openings," outgoing CEO Dean Finch
said in a statement.

The statement said National Express would continue with
action "to strengthen the balance sheet, improve liquidity, cut
capital and operational costs."

The company's half-year revenue, bolstered by British
government aid programmes since March, fell 23%.

It said its crisis planning showed it would be able to meet
debt tests over the next year, necessary to satisfy its
creditors.

Last month, rival FirstGroup said its survival was
in question after a collapse in passenger numbers led to a 153
million pound loss for the year.

Analysts at Liberum said they believe public transport usage
will revert to normal on a 12-to-24 month view. "However, the
prospects of a quick and sharp recovery are fading," they said.

At the height of lockdowns in May, National Express raised
equity of about 230 million pounds and has received British
government aid until October.

Its underlying pre-tax loss of 60.7 million pounds for the
six months to June 30 compares with a 114.6 million pounds
profit a year earlier.
($1 = 0.7655 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi
Aich and Barbara Lewis)

More News
2 Jun 2023 12:16

Director dealings: National Express board invests, British Land CFO makes £0.1m sale

(Sharecast News) - British Land was on the list of director sells on Friday, after its chief financial officer sold more than £0.1m to cover his bills after he vested a number of performance shares.

Read more
26 May 2023 09:41

LONDON BROKER RATINGS: RBC cuts Halfords; Berenberg likes Sabre

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
10 May 2023 09:59

National Express to change name to Mobico in early June

(Alliance News) - National Express Group PLC on Wednesday said it will change its name to Mobico Group PLC from early June.

Read more
10 May 2023 07:55

LONDON BRIEFING: Compass sets share buyback; Melrose ups outlook

(Alliance News) - The FTSE 100 is expected to open marginally higher on Wednesday, following positive updates from some UK blue-chip companies and ahead of a US consumer price index reading.

Read more
10 May 2023 07:20

National Express announces name change to Mobico Group

(Sharecast News) - National Express announced its decision to change its name to Mobico Group.

Read more
3 May 2023 14:51

UK shareholder meetings calendar - next 7 days

Read more
19 Apr 2023 12:15

LONDON MARKET MIDDAY: Stocks falter on US hike expectations and UK CPI

(Alliance News) - London's FTSE 100 traded lower on Wednesday at midday, hurt by a stubbornly high UK inflation reading and expectations for more interest rate hikes by both the Bank of England and the US Federal Reserve.

Read more
19 Apr 2023 08:19

National Express quarterly revenue rises; begins cost-saving programme

(Alliance News) - National Express Group PLC on Wednesday said its first quarter was in line with expectations, as it launched a productivity improvement and cost reduction programme amid concerns about continued uncertainty in the transport industry.

Read more
19 Apr 2023 07:18

UK, German help drive rise in National Express Q1 revenue

(Sharecast News) - Transport operator National Express reported a rise in first-quarter revenues driven by an improvement in UK buses and German rail.

Read more
6 Apr 2023 15:43

UK dividends calendar - next 7 days

Read more
17 Mar 2023 09:32

LONDON BROKER RATINGS: UBS likes LSEG; BofA lifts Weir Group

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
13 Mar 2023 07:54

LONDON BRIEFING: HSBC buys UK arm of failed Silicon Valley Bank

(Alliance News) - The FTSE 100 was called down on Monday morning, as the fall out from the collapse of Silicon Valley Bank continues, with HSBC Holdings stepping in to buy SVB's UK arm.

Read more
9 Mar 2023 09:15

LONDON BROKER RATINGS: Liberum cuts National Express to 'sell'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

Read more
9 Mar 2023 07:12

Liberum cuts National Express to 'sell' on leverage woes

(Sharecast News) - Liberum downgraded National Express on Thursday to 'sell' from 'hold' and cut the price target to 115p from 155p as it said leverage remains its key concern.

Read more
2 Mar 2023 16:54

LONDON MARKET CLOSE: FTSE 100 higher as CRH shines, sterling weakens

(Alliance News) - Stocks in London were largely, but tentatively, higher at the close on Thursday, with the FTSE 100 boosted by a strong performance from building materials firm CRH and a weaker pound.

Read more

Track Your Investments

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.